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The Capital Stack

The Capital Stack

Written by: Thomas Carter
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 The Capital Stack is a daily briefing for anyone raising or allocating private capital — fund managers, family offices, institutional investors, and trusted advisors navigating the full investor landscape. Each episode delivers a single actionable insight about how capital actually moves: how pensions and endowments make decisions, what insurance companies really want, how sovereign wealth funds operate, why family offices optimize for control over returns, and how retail capital is reshaping private markets. Deep dives on institutional investors, life insurance companies, sovereign wealth funds, venture capital, private equity, fund-of-funds, retail wealth channels, and family offices. No interviews, no sponsor reads — just patterns, behaviors, and structural truths that help you raise smarter. 3–5 minutes. No filler. No hype.© 2026 Thomas Carter Economics Leadership Management & Leadership Personal Finance
Episodes
  • The Rise of the Single-LP Fund

    The Rise of the Single-LP Fund
    Feb 20 2026
    Single-LP funds — also called funds of one or separately managed accounts — allow one investor to be the sole LP in a dedicated vehicle. This structure has grown dramatically as large allocators seek customization and control.

    For allocators with scale, the economics work — management fees of 50-75 bps instead of 150-200. For sponsors, it means committed capital and deep relationships, but lower economics and high-touch management.

    Key topics: single-LP funds, separately managed accounts, SMA, funds of one, institutional investors, capital allocation, raising capital, private equity, venture capital, customized mandates, LP investing, fund managers, alternative investments, GP-LP relationships, asset allocation, family office, sovereign wealth funds, fee negotiation.

    The Capital Stack — a daily briefing for anyone raising or allocating private capital: family offices, institutional investors, fund managers, and trusted advisors navigating the full investor landscape.
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    2 mins
  • What Insurance Company Allocators Actually Measure

    What Insurance Company Allocators Actually Measure
    Feb 19 2026
    Insurance company investment teams live in a different analytical world than pension or endowment allocators. Their metrics reflect their regulatory environment and liability-driven mandates.

    Risk-based capital efficiency, book yield over total return, and asset-liability matching drive their decisions. Speak their language — a lower-returning structure that's RBC-efficient may be more attractive than a higher-returning one that isn't.

    Key topics: insurance company investing, life insurance capital, RBC efficiency, book yield, asset-liability matching, institutional investors, capital allocation, raising capital, private credit, real estate investing, alternative investments, LP investing, fund managers, regulatory capital, fixed income, GP-LP relationships, infrastructure investing.

    The Capital Stack — a daily briefing for anyone raising or allocating private capital: family offices, institutional investors, fund managers, and trusted advisors navigating the full investor landscape.
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    2 mins
  • Why Secondaries Are Reshaping LP Portfolios

    Why Secondaries Are Reshaping LP Portfolios
    Feb 18 2026
    The secondary market for private fund interests has exploded, with transaction volume exceeding $100 billion annually. This liquidity option is changing how LPs think about private market commitments.

    GP-led secondaries and continuation vehicles create exit optionality for LPs and extend management fee streams for sponsors — but require careful structuring to manage conflicts.

    Key topics: secondary market, GP-led secondaries, continuation vehicles, LP liquidity, private equity secondaries, capital allocation, raising capital, fund managers, institutional investors, LP investing, portfolio management, private equity, venture capital, alternative investments, GP-LP relationships, asset allocation, fund restructuring.

    The Capital Stack — a daily briefing for anyone raising or allocating private capital: family offices, institutional investors, fund managers, and trusted advisors navigating the full investor landscape.
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    2 mins
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